PartyGaming Confirms Talks To Buy Empire's Online Gambling Assets
Online gambling firm Partygaming has confirmed it is in talks to buy the
gaming assets of smaller rival Empire Online. Analysts said the deal could
be worth about $40m (£20.4m), and would probably include Empire's Noble
Poker and Club Dice Casino websites. Shares in Partygaming rose 2.5% on the
news in mid-day trading in London. The company has been refocusing its
business after it pulled out of the US market following the tightening of
anti-gambling laws there. Partygaming previously made 75% of its earnings in
the US. Analysts have been expecting a wave of consolidation in the industry
ever since the US moves began.
Empire said it planned to become an investment company after selling off its
internet gambling assets. The firm's Online Casino generated revenues of
$30.2m in the first six months of 2006, while its Online Poker site made
$8m.
gaming assets of smaller rival Empire Online. Analysts said the deal could
be worth about $40m (£20.4m), and would probably include Empire's Noble
Poker and Club Dice Casino websites. Shares in Partygaming rose 2.5% on the
news in mid-day trading in London. The company has been refocusing its
business after it pulled out of the US market following the tightening of
anti-gambling laws there. Partygaming previously made 75% of its earnings in
the US. Analysts have been expecting a wave of consolidation in the industry
ever since the US moves began.
Empire said it planned to become an investment company after selling off its
internet gambling assets. The firm's Online Casino generated revenues of
$30.2m in the first six months of 2006, while its Online Poker site made
$8m.
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